The Kislak Co. announced on July 7 the recent $1,450,000 off-market sale of 36 Morris Ave., a 0.4697-acre property in Long Branch that completed an ocean block assemblage adjacent to Pier Village.
The nearly half-acre property sits at the corner of Ocean Boulevard and Morris Avenue immediately south of The Lofts at Pier Village
and approximately 300 feet west of the Atlantic Ocean. The sale was the fourth and final transaction marking the completion of a four-property 1.8618-acre ocean block assemblage – from Ocean Boulevard along Morris Avenue to Ocean Avenue – for redevelopment.
In addition to 36 Morris Ave., the assemblage includes: 34 Morris Ave., 0.2765 acre, which sold in 2018; 170 Ocean Ave., 0.3134 acre, which sold in 2018; and 176 Ocean Ave., 0.8022 acre, which sold in 2017.
The seller of 36 Morris Ave. was a private company. The purchaser was PV Motel LLC, which is an affiliate of Kushner, the diversified real estate organization headquartered in New York City.
Kushner is also the owner of Pier Village and the other properties in the assemblage with plans to construct an oceanfront hotel on the site.
Kislak’s chief operating officer Jason Pucci represented both parties in the transaction.
“Since the beginning of our assignment, these properties have been a natural fit for Kushner given their oceanfront location just south of Pier Village and Kushner’s strong presence in Long Branch,” said Pucci. “Over the past 30 years, Kislak has closed more than 70 transactions with Kushner, and we are pleased to assist with their continued expansion in and redevelopment of Long Branch.”
The assemblage is located along the ocean between Pier Village and several new developments in one of the most desirable beachfront destinations along the Jersey Shore. Many new condominium and rental developments have recently been completed with more underway and planned.
Long Branch is located 55 miles south of Manhattan – one hour by car and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands. The Long Branch train station is two blocks west of the assemblage and is connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line. During peak season, a shuttle service runs between the train station and Pier Village. Plans for a pier and ferry in Pier Village have been advanced by the City of Long Branch, which would provide direct ferry access to New York City.
The seller’s attorney was Michael Benedetto of Ansell Grimm & Aaron PC and the purchaser’s attorneys were Alan Hammer and Brian Peykar of Brach Eichler LLC.